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Jeevan Akshay VII – 857

LIC’s Jeevan Akshay VII (Plan No. 857) is a single-premium, immediate annuity plan designed to provide guaranteed lifelong income. After paying a one-time premium, policyholders start receiving annuity payments instantly, either monthly, quarterly, half-yearly, or yearly. This plan is ideal for retirees, senior citizens, and individuals seeking a stable and assured post-retirement income stream without market risk.

  • Immediate Annuity: Pension starts right after paying the single premium.
  • Multiple Annuity Options: Choose from 10 different annuity choices based on financial goals.
  • Lifelong Income: Guaranteed regular pension for the rest of your life.
  • Joint Life Options: Income continues to spouse after the annuitant’s death.
  • Return of Purchase Price Option: Nominee receives purchase price after death (depending on option chosen).
  • No Medical Examination: Hassle-free approval without health tests.
  • Loan Facility: Available under select options to support financial emergencies.
  • Attractive for Senior Citizens: High entry age and guaranteed lifelong income make it perfect for retirees.
  • Flexible Payout Frequency: Choose monthly, quarterly, half-yearly, or yearly annuity payout.
  • Risk-Free: Not affected by market fluctuations; fixed income assured.

Detailed Description

LIC’s Jeevan Akshay VII (Plan 857) is one of the most trusted and popular annuity plans designed to offer guaranteed lifelong income in exchange for a single one-time premium. As people approach retirement, the biggest concern they face is the stability of income. Salaried individuals stop receiving monthly salaries, business owners may face inconsistent earnings, and senior citizens often worry about exhausting their retirement savings. To address this gap, LIC designed Jeevan Akshay VII, an immediate annuity plan that begins paying out pension as soon as the premium is deposited, ensuring reliable financial support throughout the lifetime of the policyholder.

This plan is particularly suitable for retirees and individuals nearing retirement who want to convert their lump-sum savings into a lifelong income source. It is also preferred by individuals who receive retirement benefits such as provident fund, gratuity, pension commutation, or settlement amounts and want those funds to generate guaranteed income without risk.

One of the biggest strengths of Jeevan Akshay VII is its simplicity. The customer pays a single premium based on the chosen annuity option and receives pension immediately. There is no need to monitor markets, track investments, or worry about fluctuating interest rates. The annuity rate is locked in for life, making it one of the safest and most transparent retirement income solutions available today.

The plan offers an impressive set of 10 annuity options, giving policyholders the flexibility to choose how they want the income to be paid. These options include annuity for life, annuity with return of purchase price, joint life annuity, increasing annuity, guaranteed period annuity (5, 10, 15, 20 years), and more. Each option caters to different financial needs, such as securing family support, ensuring spouse protection, or receiving increasing income to fight inflation.

For example, individuals who want their spouse to continue receiving income after their death often select the joint-life annuity option. Those who want to leave behind a legacy choose the “return of purchase price” option, where the nominee receives the initial premium back after the annuitant’s death. People who prefer higher monthly income typically choose the pure-life annuity option.

Another remarkable advantage of Jeevan Akshay VII is its high entry age limit. Individuals up to 100 years old can purchase this plan, making it suitable even for very senior citizens. This is particularly beneficial for those who need stable income during their later years and find it difficult to qualify for other financial products due to age or medical conditions. Since there are no medical examinations required, even individuals with pre-existing illnesses can secure guaranteed lifetime income.

The payouts can be customized based on personal preference: monthly, quarterly, half-yearly, or yearly. This flexibility ensures that retirees can plan their budget effectively and receive income in a manner that matches their financial habits. Many retirees choose monthly payouts to replicate the feel of a regular salary.

Jeevan Akshay VII also includes a loan facility under select annuity options. This feature becomes helpful during unexpected emergencies when the policyholder may require funds. Although annuity plans typically do not allow loans, LIC has made this possible under specific conditions, reinforcing financial flexibility.

From a tax perspective, while the purchase of the policy may not provide tax deductions under Section 80C, the plan remains attractive because of its reliability and safety. Pension received is taxable based on the individual’s tax slab, similar to regular income. Many senior citizens still prefer Jeevan Akshay VII despite taxable income because of the stability and peace of mind it offers.

This plan is also highly recommended for individuals who want to avoid the risk of market-based investments such as ULIPs, mutual funds, or stocks. Since the annuity rate is fixed and guaranteed for life, it offers consistent returns regardless of economic conditions, interest rate changes, or stock market volatility.

Jeevan Akshay VII is widely used by financial planners as a reliable cornerstone in retirement portfolios. While other products may provide growth, this plan provides stability—an essential component of post-retirement planning. Many advisors recommend allocating a portion of retirement savings to this plan to ensure a guaranteed income stream.

Overall, LIC Jeevan Akshay VII is an ideal solution for anyone looking to secure lifelong, risk-free, and immediate post-retirement income. Its multiple options, guaranteed payouts, senior-friendly features, and strong financial backing of LIC make it one of India’s most dependable retirement products. Whether you are a retiree, senior citizen, or someone planning ahead for financial security, this plan guarantees peace of mind and lifelong income stability.

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